London small scheme completes buyout
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The defined benefit scheme of Shepherd Foods (London) Ltd, a family-owned operator of grocery stores in central London including Partridges, has been bought out for £3m by insurer Aviva.
Sole independent trustee of the scheme Lyndon Jones of StractAct Consulting said the scheme can now move on to the final stages of its derisking journey.
“This is a great result for all parties concerned, and it’s particularly rewarding to have been able to present an attractive deal to the sponsoring employer to secure the members’ benefits," said Jones.
Sole independent trustee of the scheme Lyndon Jones of StractAct Consulting said the scheme can now move on to the final stages of its derisking journey.
“This is a great result for all parties concerned, and it’s particularly rewarding to have been able to present an attractive deal to the sponsoring employer to secure the members’ benefits," said Jones.
Thomas Crawshaw, a senior actuarial consultant at buyout advisers K3 Advisory, who led on the transaction, said: “The Shepherd family were keen to complete the next phase in their derisking journey. We helped the scheme get transaction-ready, so it was in a position to strike quickly, securing the benefits for the remaining scheme members at an opportunistic time in the market.”
The deal completed on 25 February and covers 11 deferred and two retired scheme members, just two more than the Pensions Regulator's definition of micro schemes. Small and micro schemes can find it more difficult to find insurers that will take on their liabilities.
The deal completed on 25 February and covers 11 deferred and two retired scheme members, just two more than the Pensions Regulator's definition of micro schemes. Small and micro schemes can find it more difficult to find insurers that will take on their liabilities.
